Loading...
HomeMy WebLinkAbout949281Oi~213 SECOND MORTGAGE THIS MORTGAGE is made, executed and delivered effective the 7-1 day of August 2009, Earl A. Deshner and Julie A. Deshner, jointly and severally, (hereinafter referred to as "Mortgagor"), to Jackson Lumber, Inc., a Wyoming corporation (hereinafter referred to as "Mortagee"). Mortgagor, to secure payment of a promissory note in the amount of Thirteen Thousand Nine Hundred Eleven and 11/100s ($13,911.11) Dollars, together with interest thereon as set forth in said Note dated August _Z.r , 2009, DOES HEREBY MORTGAGE to the Mortgagee the following described real property situated in Lincoln County, Wyoming: STAR VALLEY RANCH PLATT 22 LOT 3 as platted and recorded in the Official Records of Lincoln County, Wyoming. Including and together with all improvements and appurtenances thereon and thereunto belonging, but subject to taxes, reservations, covenants, conditions, encroachments, restrictions, rights-of-way and easements of sight and record, if any. W z c~ S' W z z w 7 This Second Mortgage is subject to the express condition that if the Mortgagor pays or causes to be paid to the Mortgagee the above listed Promissory Note this Mortgage and said note shall cease and be null and void. Mortgagor further covenants and agrees as follows: 1. Mortgagor shall pay the indebtedness as herein provided and the lien of this instrument shall remain in full force and effect during any postponement or extension of the time of payment of any part of the indebtedness secured hereby. 2. Mortgagor shall provide Mortgagee copies of all tax notices within 30 days of Mortgagor's receipt thereof. 3. Mortgagor shall not commit or permit waste and will do nothing on or in connection with the mortgaged property which may impair the security of the Mortgagee hereunder. Mortgagor shall not permit the mortgaged property or any party thereof to be levied upon or attached in any legal or equitable proceeding, except to the extent that such levy or attachment is being contested in good faith by appropriate proceedings. Mortgagor agrees to pay in full the amount of any such levy or attachment within ten (10) days after any final judgment including appeals thereon has been entered. 4. If Mortgagor fails to pay taxes, assessments, or other lawful charges within 30 days after notice thereof, the Mortgagee may, without notice or demand pay the same, and all sums so paid shall be added to the principal sum of the mortgage debt. Any sums so paid shall draw interest at the rate of twenty one percent (21%) per annum. 5. If the Mortgagor defaults in the payment of the indebtedness Q M M r N co N W o ~ a- N ~ Z WW ~ W Y W ~ O U M W 1X Second Mortgage Jackson Lumber, Inc. vs. Earl A. Deshner Page I of 4 w00214 hereby secured or in case of breach of any covenant or agreement herein contained, or contained in the Promissory Note secured by this Mortgage, which default is not remedied within thirty (30) days after written notice thereof is mailed to Mortgagor by or on behalf of the Mortgagee as provided hereafter, the whole of the then promissory note indebtedness secured hereby, both principal and interest, together with all sums payable pursuant to the provisions hereof shall, at the option of the Mortgagee, become immediately due and payable, anything herein or in said note to the contrary notwithstanding and failure to exercise said option shall not constitute a waiver of the right to exercise the same in the event of any subsequent defaults. The entire remaining sum due under the note secured by this Second Mortgage shall become immediately due and payable upon the sale of the mortgaged property without the written consent of the Mortgagee. The Mortgagee may enforce the provisions of or foreclose this Second Mortgage by any appropriate suit, action or proceeding at law or in equity, or by advertisement and sale as authorized by Wyoming statute, and cause to be executed and delivered to the purchaser or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. The Mortgagor agrees to pay all costs of enforcement or foreclosure including a reasonable attorney's fee. The failure of the Mortgagee to promptly foreclose upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter during the continuance of such default or any right to foreclose in case of further default or defaults. The net proceeds from such sale shall be applied to the payment of first, all unpaid taxes, assessments, claims and liens on said property which are superior to the lien hereof; second, all monies expended or advanced by the Mortgagee pursuant to the provisions of this Second Mortgage; third, the attorney's fees and costs incurred by Mortgagee in connection with the default of Mortgagor; fourth, the balance due Mortgagee on account of principal and interest on the indebtedness hereby; and the surplus, if any, shall be paid to the Mortgagor. 6. If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of the mortgaged property and to all rents, issues and profits thereof from the occurring of such right and during the pendency of foreclosure proceedings and the period of redemption and such possession, rents, issues and profits shall be delivered immediately to the Mortgagee on request. On refusal, the delivery of such possession, rents, issues and profits may be enforced by the Mortgagee by any appropriate suit, action or proceeding. Mortgagee shall be entitled to a receiver for the mortgaged property and all rents, issues, and profits thereof after any such default including the time covered by foreclosure proceedings and the period of redemption and without regard to the solvency or insolvency of the Mortgagor or the then-owner of the mortgaged property and without regard to the value of the mortgaged property or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expenses. Such receiver may be appointed by any court of competent jurisdiction upon application and hearing. All rents, issues and profits, income and revenue of said property shall be applied by such receiver according to law and the orders and directions of the court. 7. If the property described herein is sold under foreclosure in a Second Mortgage Jackson Lumber, Inc. vs. Earl A. Deshner Page 2 of 4 commercially reasonable manner, and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagor shall be personally bound to pay the unpaid balance and the Mortgagee shall be entitled to a deficiency judgment. 8. Mortgagor shall not sell or transfer the property as long as any amount remains unpaid under the promissory note secured hereby without the written consent of Mortgagee first had and obtained, which consent may be withheld by Mortgagee in Mortgagee's sole discretion. Mortgagee shall have the right to require payment in full of all outstanding amounts in connection with any sale or transfer of the property. 9. As collateral and further security for the payment of the indebtedness hereby secured, Mortgagor shall keep any improvements now existing or hereafter erected on the Mortgaged Property insured against loss by fire, with extended coverage provisions, in an amount at least equal to the replacement cost of said improvements, and will pay when due all premiums on such insurance. All such insurance shall have attached hereto or included therein loss payable clauses in favor of the Mortgagor and Mortgagee as their interests may appear. The insurance proceeds or any part thereof, shall, at the sole option of the Mortgagor, be applied either to the reconstruction or repair of improvements on the Mortgaged Property or to the payment of the indebtedness hereby secured. 10. The acceptance of this Mortgage and the note it secures by the Mortgagee shall be an acceptance of the terms and conditions herein. 11. Any notice required to be given to an person hereunder, or under the terms of the Promissory Note secured hereby, shall be deemed to have been given when either personally delivered or deposited in the United States mail, postage prepaid certified mail, and addressed as follows: If to Mortgagor: Earl A. Deshner Julie A. Deshner 855 Hi Country Drive Jackson, WY 83001 If to Mortgagee: Jackson Lumber, Inc. c/ o John A. Brazinski, Esq. P.O. Box 2323 Jackson, WY 83001 or to such other address as shall be specified in writing from time to time in accordance with the provisions hereof. Any notice so mailed shall for all purposes hereof be deemed to have been personally served upon such party on the date when such notice is deposited in the United States mail. Second Mortgage Jackson Lumber, Inc. vs. Earl A. Deshner Page 3 of 4 6 V216 12. The covenants herein contained shall bind and the benefits and advantages shall inure to the respective heirs, devisees, legatees, executors, administrators, successors and assigns of the parties hereto. Whenever used the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. The term "foreclosure" and "foreclose" as used herein shall include the right of foreclosure by any suit, action or proceeding at law or in equity or by advertisement and sale of the mortgaged property or in any other manner now or hereafter provided by Wyoming statutes including the power to sell. IN WITNESS WHEREOF, this Second Mortgage has been executed effective on the date first written above. By: L Earl A. Deshner By: "A I Julie A. Deshner STATE OF WYOMING ) ss. COUNTY OF ) The foregoi g instrument was acknowledged before me by Earl A. Deshner this c'----)t1-5day of August 2009. WITNF Zoykb wow- ® COUNTY OF STATE OF TETON G WYOMING (Seal) MY COMMISSION EXPIRES FEBRUARY 22, 2013 N~ y Pu c My commission expires: / ~WnT da3 STATE OF WYOMING SS. COUNTY OF ) The foregoing i . strument was acknowledged before me by Julie A. Deshner this day, l of August 2009. WITN Y A 1. COUNTY OF STATE OF (Seal) M70N WYOMING MY COMMISSION IXPIRES FEBRUARY 22, 2013 N Publ' My commission expires Second Mortgage Jackson Lumber, Inc. vs. Earl A. Deshner Page 4 of 4